NVIDIA’s NVentures has incorporated Alice & Bob into its quantum portfolio.

      The Paris-based cat-qubit firm has welcomed NVentures to its cap table, which already includes backing from FFC, AVP, and Bpifrance, while also strengthening its CUDA-Q partnership with Nvidia.

      Alice & Bob, a quantum hardware company operating in Paris and Boston, known for developing fault-tolerant machines using its proprietary cat-qubit architecture, has included NVentures, the venture capital arm of Nvidia, in its extended €100 million Series B funding round. The financial details of this investment have not been disclosed, and the company announced the funding on Friday.

      The initial Series B funding was concluded in January 2025, led by Future French Champions, AXA Venture Partners, and Bpifrance, with a valuation of €100 million (approximately $104.9 million at that time). This round represented one of the largest fundraising efforts for quantum hardware in Europe and indicated significant support from French sovereign capital via Bpifrance and the state-backed FFC initiative, demonstrating a serious commitment to advancing fault tolerance from a domestic player. The addition of NVentures does not replace any existing investors but rather adds to the current group.

      Nvidia’s interest lies in both a strategic option and software integration. Over the past year, Alice & Bob has been working to integrate its cat-qubit hardware with Nvidia's CUDA-Q platform and the NVQLink interconnect, which links accelerators and QPUs. This integration is essential to Nvidia’s quantum strategy, which signals that instead of creating its own QPU, it aims to provide the classical computing and software framework necessary for compatible quantum technologies.

      The NVentures portfolio reflects this strategy, as the fund has been active in the last nine months, investing in various significant hardware approaches: Quantinuum (ion traps) in a $600 million funding round at a $10 billion valuation, QuEra (neutral atoms), PsiQuantum's $1 billion Series E (photonic), and now Alice & Bob (superconducting cat qubits). The underlying investment thesis is agnostic to hardware and focused on software, intending to support whichever architecture achieves fault tolerance first.

      Alice & Bob's technical foundation suggests that bosonic cat qubits can mitigate bit-flip errors at the hardware level, potentially allowing the company to achieve fault tolerance using thousands of physical qubits rather than the millions needed by less safeguarded superconducting models. The company has publicly set a goal of building a “useful” quantum computer by 2030, which aligns with the timeline for this new funding round.

      This funding arrives at a time of notable state involvement in the quantum sector. Recently, the US Commerce Department initiated letters of intent for $2 billion in CHIPS Act funding to nine quantum firms, which include equity stakes alongside the grants. Similarly, France has been implementing its national quantum plan since 2021 with a €1.8 billion investment through the Proqcima program, which has been extensively reported by TNW. Alice & Bob is recognized as one of the two designated quantum hardware champions within Proqcima.

      The extension does not reveal specifics regarding the investment amount, post-extension valuation, or whether NVentures secured any rights for board observation. Alice & Bob has been cautious in sharing details about its cap table, and further information is unlikely to emerge until a subsequent funding round is announced.